To assist certified public accountants in better preparing for the
1988 tax season, the Oklahoma Society of Certified Public
Accountants has scheduled a number of new continuing professional
The courses are designed to familiarize practitioners with new
tax developments and assist them in applying the information during
the tax season.
Among the workshops to be offered will be one entitled "Basic
Income Tax Return Preparation" set for Jan. 12-13 at the Marriott
Hotel in Tulsa.
The course is designed for accounting firm staff with limited
tax experience but substantial tax preparation responsibility. It
is produced by Steven Dilley/Federal Tax workshops.
- "Uniform Capitalization Rules and Other Accounting Method
Changes" will be Jan. 16 at the Oklahoma City Marriott. This
course, produced by E. Lynn Nichols, will utilize a case study
method to explain the calculations required by tax reform and more.
- "Passive Loss Limitations and Interest Allocation Rules"
will be Jan. 17 at the Tulsa Marriott Hotel. This course will
include lecture, case studies and group discussions to give
participants a comfortable working knowledge of the subject. It
also is produced by E. Lynn Nichols.
- "The Technical and Miscellaneous Revenue Act of 1988 and
Regulatory Update" will be Jan. 23 at the Tulsa Marriott and Jan. 24
at Metro Tech in Oklahoma City. Steven Dilley/Federal Tax Workshops
also produced this course which will feature an overview of the new
Section 89 rules.
- "Dealing with the Alternative Minimum Tax, Individual and
Corporate" will be Jan. 18 at Metro Tech in Oklahoma City. This
course will enable participants to gain a working knowledge of the
alternative minimum tax's impact on individuals and corporations.
A few of the key topics include adjustments under Section 56 and
57, alternative taxes and record keeping requirements. This course
is produced by Professional Development Institute.
- "Accounting for Income Taxes," also produced by Professional
Development Institute, will be held Jan. 20 at the Tulsa Marriott.
The society of certified public accountants also reports new
statements on auditing standards are effective for 1989 audits of
The nine standards were issued by the Auditing Standards Board
of the American Institute of CPAs in April to provide guidance for
certified public accountants when auditing financial statements.
Included in the standards are major changes in the wording of
the auditor's standard report. The report has been revised so that
it gives clearer descriptions of the auditor's responsibility, the
work the auditor does and the assurance the auditor gives on
The new standards also clarify the auditor's responsibility for
designing an audit to detect fraud and illegal acts, for evaluating
an entity's system of internal control and for considering and
disclosing substantial doubt about a company's ability to continue
as a going concern.
The only standard that is not effective for 1989 concerns the
broadening of the auditor's responsibility to consider internal
control structure when planning and performing an audit. This
standard is effective for audits of financial statements for periods
beginning on or after Jan. 1, 1990. The delay will allow accounting
firms sufficient time to implement the standard in their audit
A new brochure describes the changes in the standard auditor's